Myers Industries Inc (MYE)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	812,949	899,773	762,817	505,469	510,807
Total assets	US$ in thousands	541,631	542,634	484,549	400,015	353,139
Total asset turnover		1.50	1.66	1.57	1.26	1.45

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $812,949K ÷ $541,631K
= 1.50

Myers Industries Inc.'s total asset turnover has fluctuated over the past five years. The ratio indicates the company's efficiency in generating sales revenue from its total assets.

In 2023, the total asset turnover ratio was 1.50, showing that the company generated $1.50 in sales for every $1 of total assets. This represents a decrease from the previous year's ratio of 1.66.

The fluctuation in total asset turnover suggests changes in the company's ability to utilize its assets effectively to generate sales revenue. While a higher ratio is generally preferable as it indicates greater efficiency in asset utilization, it is essential to consider other factors such as industry norms and business strategies when assessing the company's performance.

Further analysis of Myers Industries Inc.'s financial statements and industry benchmarks can provide more insight into the reasons behind the fluctuations in total asset turnover and help evaluate the company's overall financial health and operational efficiency.